The mis-selling of ppi is considered to be one of the biggest scandals that has targeted individuals in the UK- who have taken out loans, credit cards along with financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted your money back. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of customer. As a client and a potential victim of mis-selling, your priority should be getting the money you've wasted in paying for a PPI policy you didn't wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but since it is policies themselves "illegal" is highly not likely. Remember that the role of ppi is to protect the lender using their client's inability to repay a loan, and if sold correctly offering a borrower with joint of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, however the mis-selling of the protection to the wrong type and often unsuitable clients. Often banks made it look as though a PPI policy was a prerequisite for a successful loan application and would fail offer you the terms and conditions of the PPI policy.
If you see the credit card statements or loan agreements and find that a payment is charged every month for PPI insurance an individual also do not recall being given alternative to take the actual PPI policy you could be entitled to PPI compensation.
If you believe this is circumstance then it greatest to collate more of your statements as possible together with your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI's
It is not unusual for banks to reject PPI claims. However, if you might be undertaking the process yourself writing a letter addressed to the lender you took the credit agreement with is your first step. In the letter, state the grounds why you believe you are eligible for PPI compensation. For instance the fact that you were not informed how to check ppi the PPI policy was optional or that you simply were not provided with the terms and scenarios of the PPI policy.
Many because they came from make an insurance claim directly get to the process, slow, time consuming and not that simple. If you do not mind paying a small fee to secure a PPI refund you comes up with an alternative capability.
To speed up your PPI refund and take the anxiety out of this process might look to use an efficient claims management company which don't only help you understand the process but may keep you up to speed every step of the way. Claims management companies know the procedure inside out and have systems set that minimise the lots of time you should apply declare your PPI compensation. Barrier experts in the ruling made by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated to be a percentage with the PPI refund awarded. The best advice is think about a no win, no fee provider. Later . ensure that they need to only get money once you have received the PPI compensation you have entitlement to.